TPHCM Collects Over 760,000 Trillion VND from Land Transactions and Certificates

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In the past two months, the Ho Chi Minh City (TPHCM) Department of Natural Resources and Environment has issued nearly 70,000 land certificates. This is part of their ongoing efforts to streamline resource and environmental management. During this period, the department granted a total of 67,750 certificates.

Additionally, they processed 64,862 certificates for property transfers and 1,018 certificates for organizational changes, a decrease of 311 compared to 2022. Individual registrations accounted for 63,844 certificates, with 29,115 involving property transfers and 34,729 related to secured transactions. Overall, the department experienced a 72% increase in successful certificate registrations and land transactions compared to the same period in 2023.

TPHCM issued 1,422 initial certificates to individuals and organizations, along with 1,466 certificates for homebuyers in commercial housing projects. These efforts contributed to a revenue estimate of 7,781 trillion VND ($336.8 billion) for TPHCM’s budget from land certificate issuance, personal income taxes, and property registration fees. The economic development of TPHCM also benefited from more than 755 trillion VND ($32.7 billion) in value from mortgage transactions and land registrations throughout 2023.

Despite these accomplishments, there are still challenges to overcome. Currently, TPHCM faces difficulties in completing the certificate issuance process for 81,000 homes in commercial housing projects. These challenges are mainly attributed to six groups: projects awaiting tax confirmation, delayed submission of certificate application documents, new real estate projects, projects with additional financial obligations, projects under investigation, and projects subject to inspection.

In response, the Department of Natural Resources and Environment has taken several measures to address these issues. They have strengthened coordination with tax authorities to expedite tax obligations, urged investors and buyers to promptly submit necessary documents, and engaged in discussions and recommendations with the Ministry of Natural Resources and Environment to establish guidelines for issuing certificates to new types of real estate. These new types include officetels (combining offices and hotels) and shophouses (commercial townhouses), as well as determining additional financial obligations and specific land valuation for tax assessment purposes.

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Furthermore, the department has collaborated with relevant authorities to resolve other challenges, such as cases where homebuyers do not meet project criteria, deducted land rental payments, and situations affecting inspection and investigation outcomes. These proactive measures aim to ensure a smooth certificate issuance process and encourage sustainable development in TPHCM’s real estate sector.

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